Why Insurance is the Next Big Thing in DeFi

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Thanks to the innovation of blockchain technology, cryptocurrencies and many of the applications built around them benefit from incredible security that most traditional financial products struggle to match. This has led to the development of a huge range of decentralized finance (DeFi) products, which allow individuals and businesses to shop, invest, trade, and manage their money without relying on centralized intermediaries. For the first time, users have had full control of their money and their financial destiny. But this has a major drawback. Many users don’t want to be wholly responsible for their financial safety and are willing to cede some degree of control if it provides an additional safety net — or are simply willing to pay extra for the safety net that comes with being insured. Until only recently, DeFi has completely lacked any insurance options to give users peace of mind when interacting with new financial products.…

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